It is believed that with the kind of popularity which artificial intelligence (AI) is gaining, it could soon enter the Web3.0 space. Having the ability to provide users with solutions related to data privacy and equitable access to services, both AI and Web3.0 together might have the potential to manage finances, curate non-fungible tokens (NFT) art collection, create appointments and even help to file cryptocurrency taxes. Experts believe the generative AI sector is estimated to capture 30% of the total AI market and generate about $60 billion, by 2025.
In conversation with FE Blockchain, Pearl Agarwal, founder and managing director, Eximius Ventures, an Indian micro venture funding platform, talks about what can the expected collaboration of AI and Web3.0 bring in. (Edited Excerpts)
What can be expected from the collaboration of AI and Web3.0?
Till now we have seen generative AI modules such as DALL-E and ChatGpt only sifts through large sources of data which is then presented in a concise form. It does not have the ability to make any decision and arrive at an opinion on the basis of the value of the content. However, with user-based generative AI and an innovative Web3.0 platform, we can achieve a more accurate and decentralised platform where we could curate tamper-proof, error-free and quality data. I think these features will enable sectors such as finance, supply chain management and healthcare, among others.
Can this collaboration fill in the security gaps that we have around Web3.0 space?
I think that like any other technology, one has to be responsible in the way we use it and also its consequences. Safety issues and avoiding fraudulent activities, user cases such as stolen funds from cryptocurrency scams were converted to censorship-resistant cryptocurrencies and then passed through mixers such as Tornado Cash to conceal its source and destination. With generative AI programmes such as DALL-E, which uses advanced deep-learning techniques to generate images based on textual descriptions could be programmed in such a way that it can convert the fraud cryptocurrencies into an image.
Implementing AI in Web3.0 – what are the pros and cons?
I believe whatever new technology comes in, there has always been a negative side and a positive side to it. For example, when we started with online payment, concerns related to safety arose, but eventually we overlooked its quick and multi-payment system under one roof. Coming back to ‘AI in Web3.0,’ the need to adapt newer technologies might bring opportunities for reskilling people. Organisations such as Chainalysis, PeckShield and Elliptic, among others, have taken initiative to train AI models to detect suspicious transactions, which need human sources for creating the models. On the other hand, a negative aspect could be that developing countries like India need more sources of income to fund such initiatives. So, I think India has a lot more to go for fully adapt to such innovations.